The country’s largest lender, State Bank of India (SBI), has slashed the interest rate on fixed deposits(FDs), also known as term deposits by 10-50 basis points (bps) in the retail segment and 25-50 bps in the bulk segment. These interest rates are applicable with effect from today (10th February) on the FDs.
“In view of surplus liquidity in the system, SBI realigns its interest rate on retail term deposits (less than ₹2 crore) and bulk term deposits ( ₹2 crore and above) w.e.f. February 10, 2020. The bank slashed term deposits rates by 10-50 bps in the retail segment and 25-50 bps in the bulk segment,” after announcing the cut on Friday, SBI had said in a statement.
The announcement came a day after the Reserve Bank of India’s (RBI) Monetary Policy Committe (MPC) kept the repo rate unchanged at 5.15%.
SBI has cut the FD rates across all tenors, except for those with maturity period between 7 to 45 days. For FDs maturing within 46 to 179 days, SBI has cut the interest rate sharply by 50 bps.
Now, these deposits will fetch an interest rate of 5%. After the latest revision, the bank will give an interest rate of 5.50% for FDs maturing within 180 to 210 days and 211 days to less than 1 year. The bank has cut the interest rate on these deposits by 30 bps. The bank has slashed the interest rate by 10 bps on deposits maturing in one year to 10 years. These deposits will now give 6% interest.
After the latest rate cut, deposits maturing in 46 to 179 days will fetch 5.50 per cent returns for senior citizens. For FDs maturing in 180 to 210 days as well as 211 days to less than one year, the SBI will offer an interest rate of 6 per cent. After the latest revision, the SBI will give 6.50 per cent interest to senior citizens for maturity periods between one year and 10 years.
SBI latest FD interest rates for general public effective 10th February
7 days to 45 days 4.50%
46 days to 179 days 5.00%
180 days to 210 days 5.50%
211 days to less than 1 year 5.50%
1 year to less than 2 year 6.00%
2 years to less than 3 years 6.00%
3 years to less than 5 years 6.00%
5 years and up to 10 years 6.00%
SBI latest FD interest rates for senior citizens effective 10th February
SBI offers senior citizens’ an additional 50 basis point interest rate across all tenures. After today’s revision, senior citizens will get 5% to 6.5% on FDs maturing in 7 days to 10 years.
7 days to 45 days 5.00%
46 days to 179 days 5.50%
180 days to 210 days 6.00%
211 days to less than 1 year 6.00%
1 year to less than 2 year 6.50%
2 years to less than 3 years 6.50%
3 years to less than 5 years 6.50%
5 years and up to 10 years 6.50%